Regulation 33 Transfer of residual assets to the Secretary of State where Part 7 does not applyF1
This regulation applies where—
Part 7 does not apply to a qualifying pension scheme because the liabilities to or in respect of all members and former members have been discharged;
the trustees or managers continue to hold assets for the scheme;
the trustees or managers have notified the scheme manager in writing that they wish to transfer the assets to the Secretary of State; and
the scheme manager is satisfied that—
either—
the cost of distributing the remaining assets to the members or former members of the scheme would be disproportionate; or
the distribution of the remaining assets would not be of overall benefit to the members or former members of the scheme;
the assets can be transferred to the Secretary of State; and
it is appropriate that the assets are transferred to the Secretary of State.
Where this regulation applies, the trustees or managers of a qualifying pension scheme to which Part 7 does not apply may transfer the remaining assets to the Secretary of State at such time as the Secretary of State may decide.